Core Viewpoint - DevvStream Holdings Inc. is set to purchase 1.2 million carbon credits to support the conservation of 200,000 hectares of Amazon territory, aiming to reduce emissions by over 13 million tons of CO2 equivalent over 30 years, with the transaction expected to close alongside its Nasdaq listing [2][4][6]. Company Overview - DevvStream is a technology-focused carbon credit project development firm founded in 2021, with a mission to align sustainability with profitability, helping organizations achieve climate goals while improving financial health [5][6]. - The company has a pipeline of over 140 technology-based projects globally, facilitating the generation of premium carbon credits [5]. Project Details - The carbon credit purchase is linked to the Ipixuna REDD+ Project located in Brazil, which aims to enhance environmental conservation, reduce greenhouse gas emissions from deforestation, and improve living conditions for the indigenous Parintintin tribe [3][4]. - The project covers 196,025.30 hectares of pristine Amazon rainforest and utilizes the REDD+ methodology for sustainable forest management [4]. Financial and Market Position - The transaction will be funded through shares of the newly formed public company resulting from DevvStream's business combination with Focus Impact Acquisition Corp., expected to be completed by October 31, 2024 [2][6]. - Upon completion, DevvStream will be the first publicly traded carbon credit company on a major U.S. stock exchange, trading under the ticker symbol "DEVS" [6].
DevvStream to Purchase 1.2 Million Carbon Credits for Conservation of 200,000 Hectares of Amazon Territory